For each of the following transactions, determine if there is an increase, decrease, or no change on net income for Gardenia Lane Productions, Inc.
1. Gardenia Lane earned $12,000 in monthly sales.
2. The firm recorded a decrease in inventory of $7,500 due to the monthly sales.
3. Supplies were purchased for $50, and all of them were used.
4. The company paid employees $1,715 for current work done.
5. The company purchased land for $26,500.
6. Gardenia Lane paid rent of $2,500 for the current month.
7. The firm paid $1,000 in cash dividends.

  • CreatedSeptember 01, 2014
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